\fWhat is the Equilibrium Price? $ (> What is the Equilibrium Quantity? () Suppose the government imposes a price floor of $120 on this good. You should sketch a graph to help you answer the following questions. This price control will be \\I (select from this menu) binding or effective. non-binding or not effective. This price control will At the price of $120, how much are consumers willing and able to purchase? What is the Equilibrium Quantity? () Suppose the government imposes a price floor of $120 on this good. You should sketch a graph to help you answer the following questions. This price control will be (select from this menu) This price control will ~/ (select from this menu) create a surplus. At the price of $120, h create a smmge' : and able to purchase? have no effect on the market. () At the price of $120, how much are producers willing and able to sell? With a price floor of $120, how much will actually be bought and sold in the market? A price floor of $120 will (select from this menu) This price floor of $120 will make (select from this menU) better off. This price floor of $120 will make (select from this menU) worse off. This price control will be (select from this menu) This price control will (select from this menu) () At the price of $120, how much are consumers willing and able to purchase? K) At the price of $120, how much are producers willing and able to sell?